There are a lot of factors that can make the process of buying a home seem years-long. However, there definitely are certain ways to speed up this process.
- Check your credit reports and your credit score so you know what you’re working with. This will let you know if you need more time to build your credit, or to fix any mistakes.
- Choose an expert team. Your Realtor/s, closing attorney, mortgage banker, and whomever else will be assisting you in the process of buying your home, should be top notch.
- Get familiar with your chosen Realtor. They’ll know more about the market, both nationally and regional, and they will be able to tell you the best schools, neighborhoods, and help you with anything that comes up along the way. They’ll also generally have connections- to vendors, and to sources of knowledge about the newest constructions, etc.
- Get pre-approved for a home loan, not just pre-qualified. This could even put you at an advantage over a cash buyer who could be offering less money. So gather your paperwork and go get pre-approved so that you look like a serious, trustworthy buyer. They’ll need your W-2s, 1099s, and more.
- Search for homes in areas with high inventory. It takes less time to close in the process of buying a home when there’s less competition.
- Have a solid of list of what you want and what you don’t want. You’ll waste less time viewing houses trying to figure out what you like and don’t like.
- Sell your house before you buy another one. The separate processes will be easier than trying to handle both at the same time. Also, you’ll have a nice amount of equity in the bank, and flexibility with your closing date, which can put you above other buyers. If you can just temporarily put your things in storage and rent on a month-to-month basis, you can do this. You’ll also be mostly packed before you move!
- Be available to reply quickly to your agent and to any other cog in the process of buying your home.
- Your lender makes a difference. Many banks take around 45 days now, but 30 days is usually typical. Another factor that affects how fast the lender can work is when you get the inspection. It’s recommended to get it taken care of soon after you go under due diligence. The sooner this is taken care of, the sooner the lender can work their magic.